body means:
- (a)
- a body referred to in the Schedule; and
- (b)
- a body declared by another Act to be a prescribed body for the purposes of this Act; and
- (c)
- a body corporate (other than a body referred to in the Schedule) that is, under the Corporations Act 2001, a subsidiary of a body referred to in paragraph (a) or (b).
- (2)
- Expressions have the same meaning in this Act as in the Commonwealth Borrowing Levy Collection Act 1987.
COMMONWEALTH BORROWING LEVY ACT 1987
- SECT 4
Application of Act
This Act applies to borrowings of money, otherwise than from the Commonwealth, undertaken on or after 1 July 1987 by a body, including, without limiting the generality of the foregoing, such a borrowing made wholly or partly in a currency other than Australian currency.
COMMONWEALTH BORROWING LEVY ACT 1987
- SECT 5
Imposition of levy
A levy is imposed on all borrowings to which this Act applies, other than such of those borrowings, or such parts of those borrowings, as are exempted from the levy by the regulations.
COMMONWEALTH BORROWING LEVY ACT 1987
- SECT 6
Rate of levy
The rate of the levy is such annual rate as is prescribed, being an annual rate not exceeding 0.5% of the amount in respect of which the levy is payable.
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COMMONWEALTH BORROWING LEVY ACT 1987
- SECT 7
By whom levy payable
The levy is payable by the body which undertakes the borrowing.
COMMONWEALTH BORROWING LEVY ACT 1987
- SECT 8
Regulations
The Governor-General may make regulations, not inconsistent with this Act, prescribing matters required or permitted by this Act to be prescribed.
COMMONWEALTH BORROWING LEVY ACT 1987
Schedule—Bodies liable to pay levy
Section 3
1. Airservices Australia
1A. ANL Limited.
2A. A body corporate that is a group company for the purposes of the Australian Airlines (Conversion to Public Company) Act 1988
7. Australian Nuclear Science and Technology Organisation
8. Australian Postal Corporation
11. Australian Trade Commission
13. Federal Airports Corporation
15. The nominated company (within the meaning of Part 2 of the Health Insurance Commission (Reform and Separation of Functions) Act 1997)
16. Housing Loans Insurance Corporation Limited.
18. Pipeline Authority
19. Qantas Airways Limited
COMMONWEALTH BORROWING LEVY ACT 1987
Notes to the Commonwealth Borrowing Levy Act 1987
Note 1
The Commonwealth Borrowing Levy Act 1987 as shown in this compilation comprises Act No. 114, 1987 amended as indicated in the Tables below.
The Commonwealth Borrowing Levy Act 1987 was affected by section 52 of the CSL Sale Act 1993.
For application, saving or transitional provisions made by the Corporations (Repeals, Consequentials and Transitionals) Act 2001, see Act No. 55, 2001.
All relevant information pertaining to application, saving or transitional provisions prior to 21 November 1997 is not included in this compilation. For subsequent information see Table A.
Table of Acts
Act
| Number
and year
| Date
of Assent
| Date of commencement
| Application, saving or transitional provisions
|
Commonwealth Borrowing Levy Act 1987
| 114, 1987
| 2 Dec 1987
| 2 Dec 1987
|
|
Commonwealth Borrowing Levy Amendment Act 1988
| 22, 1988
| 11 May 1988
| 30 Apr 1988 (see s. 2 and Gazette 1988, No. S117 )
| —
|
Telecommunications Amendment Act 1988
| 121, 1988
| 14 Dec 1988
| Ss. 5, 6, 10, 12, 13, 23(2) and 26(1): 1 Jan 1989 (see Gazette 1988, No. S402)
Ss. 14, 23(3) and 26(2): 30 June 1989 (see Gazette 1989, No. S216)
Remainder: Royal Assent
| —
|
Postal Services Amendment Act 1988
| 126, 1988
| 14 Dec 1988
| Ss. 4, 5, 9-11, 21(2) and 22(1):
1 Jan 1989 (see Gazette 1988,
No. S402)
Ss. 12, 21(3) and 22(2): 30 June 1989 (see Gazette 1989, No. S216)
Remainder: Royal Assent
| —
|
ANL (Conversion into Public Company) Act 1988
| 127, 1988
| 14 Dec 1988
| S. 11: 1 July 1989 (see Gazette 1989, No. S210) (a)
| —
|
OTC (Conversion into Public Company) Act 1988
| 129, 1988
| 14 Dec 1988
| Ss. 7(2), 8(2), 9, 11-22 and 25:
1 Apr 1989 (see Gazette 1989,
No. S92)
S. 8(1): 16 Mar 1989 (see Gazette 1989, No. S92)
S. 8(3): (b)
Remainder: Royal Assent
| —
|
Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989
| 66, 1989
| 19 June 1989
| Ss. 4, 6(1), 7(1), 8-10, 12, 14(2), 15 and 16: 1 July 1989 (see Gazette 1989, No. S223)
S. 7(2): (c)
S. 14(1): 30 June 1989 (see Gazette 1989, No. S223)
Remainder: Royal Assent
| —
|
Commonwealth Borrowing Levy Amendment Act 1989
| 128, 1989
| 7 Nov 1989
| S. 4(a) and (d):
1 July 1989
S. 4(c): 11 May 1989
Remainder: Royal Assent
| —
|
Commonwealth Serum Laboratories (Conversion into Public Company) Act 1990
| 77, 1990
| 22 Oct 1990
| S. 17: 1 Apr 1991 (see Gazette 1991, No. S75) (d)
| —
|
AUSSAT Repeal Act 1991
| 145, 1991
| 21 Oct 1991
| Part 3 (ss. 8-12):
1 Feb 1992 (see Gazette 1992,
No. S46)
Remainder: Royal Assent
| —
|
Snowy Mountains Engineering Corporation Limited Sale Act 1993
| 54, 1993
| 27 Oct 1993
| S. 44: (e)
| S. 42
|
CSL Sale Act 1993
| 88, 1993
| 30 Nov 1993
| Part 1 (ss. 1-4),
ss. 7 and 47:
Royal Assent
Ss. 5 and 6:
22 Feb 1991
Remainder: (f)
| S. 52
|
Transport and Communications Legislation Amendment Act 1994
| 64, 1994
| 30 May 1994
| S. 3(3): Royal Assent (g)
| —
|
AeroSpace Technologies of Australia Limited Sale Act 1994
| 144, 1994
| 8 Dec 1994
| Part 1 (ss. 1-6),
ss. 7-11, Divs. 2 and 3 of Part 2
(ss. 14,15) and Part 3 (s. 16):
12 Oct 1994
Remainder: (h)
| S. 20
|
Civil Aviation Legislation Amendment Act 1995
| 82, 1995
| 30 June 1995
| S. 5: 6 July 1995 (see Gazette 1995, No. S270) (i)
| —
|
ANL Sale Act 1995
| 136, 1995
| 5 Dec 1995
| (j)
| —
|
Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996
| 14, 1996
| 24 June 1996
| S. 36: Royal Assent (k)
| —
|
Australian National Railways Commission Sale Act 1997
| 96, 1997
| 30 June 1997
| Schedule 4 (item 2): Royal Assent (l)
| —
|
Health Insurance Commission (Reform and Separation of Functions) Act 1997
| 159, 1997
| 11 Nov 1997
| Schedule 1 (item 38): 1 Mar 1998 (see Gazette 1998, No. GN9) (m)
| —
|
Snowy Hydro Corporatisation (Consequential Amendments) Act 1997
| 177, 1997
| 21 Nov 1997
| 28 June 2002 (see s. 2 and Gazette 2002, No. 216)
| —
|
Telstra (Further Dilution of Public Ownership) Act 1999
| 53, 1999
| 5 July 1999
| 5 July 1999
| Sch. 1 (item 2) [see Table A]
|
Corporations (Repeals, Consequentials and Transitionals) Act 2001
| 55, 2001
| 28 June 2001
| Ss. 4-14 and Schedule 3 (item 124): 15 July 2001 (see Gazette 2001, No. S285) (n)
| Ss. 4-14
|
(a)
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The Commonwealth Borrowing Levy Act 1987 was amended by section 11 only of the ANL (Conversion into Public Company) Act 1988, subsection 2(3) of which provides as follows: (3) Section 6, subsection 7(2) and sections 9 and 11 commence on a day to be fixed by Proclamation.
(b) Subsection 2(4) of the OTC (Conversion into Public Company) Act 1988 provides as follows:
(4) Subsection 8(3) commences immediately after the commencement of section 11.
Section 11 commenced on 1 April 1989 (see Gazette 1989, No. S92).
(c) Subsection 2(6) of the Snowy Mountains Engineering Corporation (Conversion into Public Company) Act 1989 provides as follows:
(6) Subsection 7(2) commences immediately after section 12.
Section 12 commenced on 1 July 1989 (see Gazette 1989, No. S223).
(d) The Commonwealth Borrowing Levy Act 1987 was amended by section 17 only of the Commonwealth Serum Laboratories (Conversion into Public Company) Act 1990, subsection 2(5) of which provides as follows:
(5) Subject to subsection (6), sections 6, 10, 13 and 17 commence on a day to be fixed by Proclamation for the purposes of this subsection.
(e) The Commonwealth Borrowing Levy Act 1987 was amended by section 44 only of the Snowy Mountains Engineering Corporation Limited Sale Act 1993, subsection 2(2) of which provides as follows:
(2) Sections 5 to 36 (inclusive) and 39 to 44 (inclusive) commence on the sale day.
The sale day was 9 November 1993 (see Gazette 1994, No. S334).
(f) Subsection 2(2) of the CSL Sale Act 1993 provides as follows:
(2) Sections 8 to 46 (inclusive) and sections 48 to 53 (inclusive) commence on the sale day.
The sale day was 3 June 1994 (see Gazette 1994, No. S209).
(g) The Commonwealth Borrowing Levy Act 1987 was amended by subsection 3(3) only of the Transport and Communications Legislation Amendment Act 1994, subsection 2(1) of which provides as follows:
(1) Subject to subsections (2) and (3), this Act commences on the day on which it receives the Royal Assent.
(h) Subsection 2(2) of the AeroSpace Technologies of Australia Limited Sale Act 1994 provides as follows:
(2) The remaining provisions of this Act commence on the ASTA sale day.
The ASTA sale day was 27 June 1995 (see Gazette 1995, No. S271).
(i) The Commonwealth Borrowing Levy Act 1987 was amended by section 5 only of the Civil Aviation Legislation Amendment Act 1995, subsection 2(1) of which provides as follows:
(1) Subject to this section, this Act commences on:
(a) a day to be fixed by Proclamation; or
(b) the first day after the end of the period of 6 months beginning on the day on which this Act receives the Royal Assent;
whichever is earlier.
(j) The ANL Sale Act 1995 was repealed by section 79 of that Act before coming into operation.
(k) The Commonwealth Borrowing Levy Act 1987 was amended by section 36 of the Housing Loans Insurance Corporation (Transfer of Assets and Abolition) Act 1996, subsection 2(1) of which provides as follows:
(1) Parts 1 to 5 commence on the day on which this Act receives the Royal Assent.
Section 36 provides that on the transfer day the schedule to the Commonwealth Borrowing Levy Act is amended.
The Transfer Day was 12 December 1997 (see Gazette 1997, No. S512).
(l) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 4 (item 2) only of the Australian National Railways Commission Sale Act 1997, subsection 2(4) of which provides as follows:
(4) Item 2 of Schedule 4 commences on the day on which it receives the Royal Assent.
(m) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 1 (item 38) only of the Health Insurance Commission (Reform and Separation of Functions) Act 1997, subsection 2(2) of which provides as follows:
(2) Subject to subsection (3), Part 2 of Schedule 1 to this Act commences on the fund-transfer day.
(n) The Commonwealth Borrowing Levy Act 1987 was amended by Schedule 3 (item 124) only of the Corporations (Repeals, Consequentials and Transitionals) Act 2001, subsection 2(3) of which provides as follows:
(3) Subject to subsections (4) to (10), Schedule 3 commences, or is taken to have commenced, at the same time as the Corporations Act 2001.
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
|
Provision affected
| How affected
|
S. 3
| am. No. 128, 1989; No. 55, 2001
|
Schedule
| am. Nos. 22, 121, 126, 127 and 129, 1988; Nos. 66 and 128, 1989; No. 77, 1990; No. 145, 1991; Nos. 54 and 88, 1993; Nos. 64 and 144, 1994; No. 82, 1995; No. 14, 1996; Nos. 96, 159 and 177, 1997; No. 53, 1999
|
Table A
Application, saving or transitional provisions
Telstra (Further Dilution of Public Ownership) Act 1999 (No. 53, 1999)
Schedule 1
2 Transitional
(1) Subject to subitem (2), Telstra is not liable after the commencement of this item to pay an amount of levy imposed by the Commonwealth Borrowing Levy Act 1987 on a borrowing undertaken before that commencement.
(2) Subitem (1) does not apply in relation to an amount of levy that was paid or payable before the commencement of this item.